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Forums - General - Market Meldown

Jandre002 on 15 September 2008

Well people were saying that this was coming. America has a lot of work to do in the next few years. I think we will see (and really need to see) a lot more government regulation in our economy.

As of now, I think the nominee who drafts the best economic plan will score huge points among voters

BTW, even with McCain winning the highest percentage of votes, Obama still leads in the electoral college points, even if he doesn't win Ohio or Florida. He is very close in Ohio right now, but what is most surprising to me is how close he is in my home state of Virginia. Complete awesomesauciness. Northern Virginia FTW!!



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akuma587 on 15 September 2008
rocketpig said:
reask said:
Greenspan has said it is the worst he has seen in at least 50 years.

Thats pretty bad.

Well, I hope he's proud of his creation.

Come on, you can't blame the Fed for ALL the problems.  Many banks were giving out housing loans to people they know were unlikely to be able to pay them.  The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers.

And people who bought into the housing bubble are equally to blame.

 



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

rocketpig on 15 September 2008
akuma587 said:
rocketpig said:
reask said:
Greenspan has said it is the worst he has seen in at least 50 years.

Thats pretty bad.

Well, I hope he's proud of his creation.

Come on, you can't blame the Fed for ALL the problems.  Many banks were giving out housing loans to people they know were unlikely to be able to pay them.  The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers.

And people who bought into the housing bubble are equally to blame.

 

Oh, the banks had their hand in this, too.

When I found out about the unconfirmed loans that were handed out, I almost shit myself.

It pisses me off to see them all get bailed out like this. I know it has to be done but fuck, we're really getting screwed here.




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Aiemond on 15 September 2008
akuma587 said:
rocketpig said:
reask said:
Greenspan has said it is the worst he has seen in at least 50 years.

Thats pretty bad.

Well, I hope he's proud of his creation.

Come on, you can't blame the Fed for ALL the problems. Many banks were giving out housing loans to people they know were unlikely to be able to pay them. The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers.

And people who bought into the housing bubble are equally to blame.

 

This. Though that is not all of it. Many buyers did not know imo, they were misled (thats what the corruption charges were about earlier this year). BUT, they had the responsibility of reading everything in the contract, and they failed there. They would have seen the rate increases in the ARMs.

Also, I believe AIG is almost dead, and will be very soon, but NY State helped them out so they MAY (unlikely) be able to recover. though, the market does not believe it as you see the downturn when the announcment came that the feds were not bailing them out.

Edit: Watch the asian and european markets tonight to see how dow will be in the morning. I feel the sell off not done yet.

 



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Aiemond on 15 September 2008
rocketpig said:
akuma587 said:
rocketpig said:
reask said:
Greenspan has said it is the worst he has seen in at least 50 years.

Thats pretty bad.

Well, I hope he's proud of his creation.

Come on, you can't blame the Fed for ALL the problems. Many banks were giving out housing loans to people they know were unlikely to be able to pay them. The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers.

And people who bought into the housing bubble are equally to blame.

 

Oh, the banks had their hand in this, too.

When I found out about the unconfirmed loans that were handed out, I almost shit myself.

It pisses me off to see them all get bailed out like this. I know it has to be done but fuck, we're really getting screwed here.

I agree. I think we see less getting bailed out (Bear had to be, market was not ready for it to fall) but i think WaMu wil be bailed. Sadly though, the govt did have to step in to save the market. The good news is that the Fed has a good chance of making some money off it as it got premium stock that should rise eventually.

 



Now Playing: The Witcher (PC)

Consoles Owned: NES, SNES, N64, PS1, PS2, Wii, Xbox 360, Game Boy, DS

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akuma587 on 15 September 2008
rocketpig said:
akuma587 said:

Come on, you can't blame the Fed for ALL the problems.  Many banks were giving out housing loans to people they know were unlikely to be able to pay them.  The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers.

And people who bought into the housing bubble are equally to blame.

 

Oh, the banks had their hand in this, too.

When I found out about the unconfirmed loans that were handed out, I almost shit myself.

It pisses me off to see them all get bailed out like this. I know it has to be done but fuck, we're really getting screwed here.

Yeah, well I mean we are faced with two shitty alternatives, let the market correct itself and have everyone in the financial sector shit a brick when mass defaults on loans occur, or try to ease the transition by bailing out a bunch of people who in no way shape or form deserve a bailout (especially the idiots who accepted a variable interest rate and now can't pay).

So either way we are pretty screwed, and will be screwed for several months if not years.

 



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

Aiemond on 15 September 2008
akuma587 said:
rocketpig said:
akuma587 said:

Come on, you can't blame the Fed for ALL the problems. Many banks were giving out housing loans to people they know were unlikely to be able to pay them. The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers.

And people who bought into the housing bubble are equally to blame.

 

Oh, the banks had their hand in this, too.

When I found out about the unconfirmed loans that were handed out, I almost shit myself.

It pisses me off to see them all get bailed out like this. I know it has to be done but fuck, we're really getting screwed here.

Yeah, well I mean we are faced with two shitty alternatives, let the market correct itself and have everyone in the financial sector shit a brick when mass defaults on loans occur, or try to ease the transition by bailing out a bunch of people who in no way shape or form deserve a bailout (especially the idiots who accepted a variable interest rate and now can't pay).

So either way we are pretty screwed, and will be screwed for several months if not years.

 

 

Well, its not only us, this hurts asia and Europe alot too.

And as i have said, bailing out the right companies will definatly decrease the amount of time this hurts. Like you said, mass defaults could cause a total and utter screwup the likes which we have not seen in a long time



Now Playing: The Witcher (PC)

Consoles Owned: NES, SNES, N64, PS1, PS2, Wii, Xbox 360, Game Boy, DS

akuma587 on 15 September 2008
Aiemond said:
akuma587 said:

Yeah, well I mean we are faced with two shitty alternatives, let the market correct itself and have everyone in the financial sector shit a brick when mass defaults on loans occur, or try to ease the transition by bailing out a bunch of people who in no way shape or form deserve a bailout (especially the idiots who accepted a variable interest rate and now can't pay).

So either way we are pretty screwed, and will be screwed for several months if not years.

 

 

Well, its not only us, this hurts asia and Europe alot too.

Absolutely, rough waters ahead for the whole world after what many thought was an already unstable year.

 



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

Lingyis on 15 September 2008

so... my story. just last friday, as it became increasingly clear lehman is failing, i joked with my co-workers that we have nothing to worry about until merrill falls.

and of course, that happens. which leaves us as the next in line among the broker-dealers (which also makes it clear which company i work for).

in our group, we've been getting a flood resumes from lehman employees since last week. today, 2 lehman employees interviewed with us. in fact, i believe we've been interviewing lehman employees for at least a month now (since a lehman employee gave a job talk at our group last month).

i'm not sure what the fate of morgan stanley is. it appears morgan stanley is actually in good shape, but it only takes a few days for a bank to fail these days.

anyhow, we'll just have to wait for goldman's earnings tomorrow and ours the day after. hope that both of us exceed expectations.

it's just surreal how 2 of our stiffest competitions just went poof in a day.



the Wii is an epidemic.

segajon on 15 September 2008

Did I hear somewhere that Hewltt Packard is cutting 24k jobs over the next few years?